Once again, the Dollar is being threatened as the reserve currency of the world, this time from the Reserve Bank of India.
Why does this matter? The only reason that the Dollar has yet to collapse, especially after central banking fiascos (such as QE1, QE2, and now QE3) and our crushing 16+ Trillion of debt, is because it is held in reserve by virtually every other nation on earth.
In the report, RBI governor Subbarao stated that the “Dollar’s monopoly as a reserve currency has resulted in many countries facing a liquidity problem as foreign creditors and foreign investors turned risk averse”.
First it’s the Chinese, then the Iranians, and now it’s India. That’s 1/2 of the worlds population saying the Dollar should NOT be given special treatment.
It’s about to get serious out there folks, it’s time to put on your big boy pants!